Rising Nationalism Propaganda by State Media, China Macro Data 4M 2019
Since May 10 when Chinese Vice Premier Liu He left the Washington without a trade deal with the US, nor any plan for future talks, both countries...
681 Views
BZUN Q1 Preview: Eroding GMV Quality, Margin Squeeze by Top Customers
Our negative view on Baozun Inc. (BZUN US) stems from the company’s declining profit margin due to eroding pricing power to key customers, and...
595 Views
ANTA/Amer: Good Deal for Amer and FountainVest, a Poor Deal for ANTA
A consortium led by Anta Sports Products (2020 HK) launched a recommended public cash tender offer for Amer Sports Oyj (AMEAS FH)Â last Friday. The...
702 Views
Baozun - Customer Disintermediation Due to Obsolete Business Moat - SELL
We cut Q4 2018 GMV from 50% to 35% YoY, given Baozun Inc. (BZUN US) catastrophic miss last weekend during the 11.11 holiday sales. We estimate...
820 Views
2018 China’s Singles’ Day GMV Review - First Cut
The initial results of Alibaba Group Holding (BABA US) Singles’ Day Shopping Festival which concluded at 11 am ET today came out to be largely in...
470 Views